香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 於2025年9月25日舉行的2025年第二次臨時股東會投票表決結果； 派付中期股息； 修訂公司章程； 委任職工代表董事及非執行董事辭任；及 委任執行董事 上海上美化妝品股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈 於2025年9月25日（星期四）下午二時正假座中國上海市普陀區中山北路3300號B 幢25樓會議室舉行的2025年第二次臨時股東會（「2025年第二次臨時股東會」）的 投票表決結果。2025年第二次臨時股東會由董事會根據《中華人民共和國公司法》 及公司章程召開，並由董事長呂義雄先生主持。 茲提述本公司日期均為2025年9月9日的2025年第二次臨時股東會通告及通函（「通 函」）。除另有界定者外，本公告所用詞彙與通函所界定者具有相同涵義。 出席2025年第二次臨時股東會 出席2025年第二次臨時股東會的本公司股東（「股東」）（或其委任代表）合共持有 336,936,927股有 ...

Core Insights - Shanghai has officially released measures to promote high-quality development in the cosmetics industry, emphasizing technological empowerment, digital intelligence, and regulatory efficiency, making it the most supportive initiative in the country [1] Group 1: Technological Innovation and Support - The measures encourage technological innovation, with government departments actively enhancing service systems, including support for raw material innovation and application, accelerating research paradigm transformation, and promoting innovation through regulation [1] - Financial support is provided for the registration and filing of new cosmetic raw materials, with a maximum of 2 million yuan for registered materials and 500,000 yuan for filed materials, significantly boosting local companies' innovation capabilities [1] - Companies like Shanghai Jahwa, which has been developing herbal extracts since 1990, view the financial support as nearly double that of other provinces, stimulating deep innovation [1] Group 2: AI and Resource Integration - Shanghai's AI innovation advantages are supporting the local beauty industry, with companies like Rongxiushengsheng leveraging AI solutions for uniformity in essential oil extraction, thus enhancing production efficiency [2] - The measures promote the integration of artificial intelligence and multi-omics to drive innovations in organoids, 3D skin models, and cosmetic manufacturing processes, supported by unique AI resource incentives [2] Group 3: Regulatory Support and Industry Development - The measures aim to accelerate innovation through regulatory support, with the regulatory department providing proactive guidance to cosmetic companies developing medical devices, thus reducing the likelihood of application rejections [3] - Emphasis is placed on strengthening industrial infrastructure, with plans to add 30 million square meters of "smart manufacturing space" from 2023 to 2025, facilitating vertical factory developments for cosmetics companies [3] Group 4: Market Position and Brand Development - Shanghai holds a leading position in the high-end cosmetics industry, with 17 brands listed in the top 50 Chinese makeup brands by Hurun Research Institute, surpassing other cities [4] - Notable companies in Shanghai include Up Beauty, Shanghai Jahwa, and Lin Qingxuan, with some planning IPOs in Hong Kong [4]

Group 1 - The Shanghai government has officially released measures to promote high-quality development in the cosmetics industry, emphasizing technological innovation, digital intelligence, and regulatory efficiency, making it the most supportive initiative in the country [1] - The measures include financial support for the registration and filing of new cosmetic raw materials, with a maximum of 2 million yuan for registered materials and 500,000 yuan for filed materials, aimed at reducing reliance on imported core ingredients [1] - The initiative encourages local companies to innovate and develop new raw materials, with the goal of enhancing the competitiveness of Shanghai's cosmetics brands [1] Group 2 - Shanghai's AI innovation is boosting the local beauty industry, with companies like Rongxiusheng leveraging AI solutions for natural essential oil extraction, which helps in achieving cost advantages and product uniformity [2] - The measures promote the integration of AI and multi-omics to drive innovations in cosmetic manufacturing processes, including the development of organoids and 3D skin models [2] - The initiative also includes support for AI resources such as computing power vouchers, which are unique advantages for companies in Shanghai [2] Group 3 - The measures aim to accelerate innovation through regulatory support, with the government providing guidance to cosmetic companies developing medical devices, thus reducing the likelihood of application rejections [3] - The initiative emphasizes the construction of industrial spaces, with plans to add 30 million square meters of "smart manufacturing space" from 2023 to 2025, facilitating vertical factories for cosmetics companies [3] - E-commerce platforms are encouraged to promote Shanghai beauty brands, with project support amounts reaching up to 30 million yuan [3] Group 4 - Shanghai holds a leading position in the high-end cosmetics industry in China, with 17 brands listed in the top 50 Chinese color cosmetics brands according to Hurun Research Institute [4] - The city is home to listed companies such as Shiseido and Shanghai Jahwa, with others like Lin Qingxuan planning to go public in Hong Kong [4]

Core Viewpoint - 2025 is a pivotal year for Chinese beauty research, marked by significant international recognition and participation in top global platforms like IFSCC and EADV, showcasing the strength and innovation of Chinese brands in the beauty industry [2][14][19]. Group 1: Research Achievements - Shanghai Chicmax Cosmetic Co., Ltd. and other partners presented research on skin physiological changes and skincare efficacy for post-menopausal Chinese women, highlighting the unique skin aging characteristics in this demographic [4][22]. - The study involved 60 healthy Chinese females aged 40-60, divided into groups based on menopausal status, measuring various skin parameters [5][6]. - Results indicated significant decreases in skin elasticity and increases in wrinkle depth for women over 5 years post-menopause, while skincare products showed improvements in elasticity, firmness, and reduced wrinkle appearance after 28 days of use [7][10][8]. Group 2: International Recognition - Chinese companies submitted a record number of research papers and presentations at the IFSCC conference, reflecting a collective rise in research capabilities, with China set to host the 2032 IFSCC conference [15][14]. - The EADV conference provided a platform for discussing sensitive skin care and anti-aging research, allowing Chinese brands to engage with global experts [14][16]. - As the only Chinese brand at these events, Shanghai Chicmax not only represented Chinese brands but also contributed to the global dialogue on skincare science [16][19]. Group 3: Strategic Significance - The participation in IFSCC and EADV signifies a shift for Chinese beauty brands from local players to international contributors, enhancing their global discourse power [16][17]. - The "2025 KANS Peptide Research and Efficacy Skincare Application Yearbook" was a notable output, detailing over 50 years of global peptide technology development and showcasing China's innovations in this field [19][21]. - The research outputs and collaborations with organizations like SGS demonstrate a commitment to establishing a comprehensive research framework that bridges local practices with global standards [27][31]. Group 4: Historical Context - The evolution of Chinese beauty culture dates back to ancient times, with significant developments in local formulations and techniques over the centuries [28]. - The modern era has seen Chinese brands like KANS (Shanghai Chicmax) transition from passive competition to active innovation, focusing on research and development to establish their own voice in the industry [29][31]. - The current landscape reflects a growing recognition of "C-beauty" as a formidable force in the global cosmetics industry, with companies increasingly prioritizing scientific research and innovation [29][30].

Group 1 - The overall performance of domestic beauty and skincare companies in the first half of 2025 remains stable, with Proya and Shiseido maintaining their positions as industry leaders, while Juzhibio leads in profit [1][2] - Proya's main brand shows a slight decline, indicating a near ceiling for single-brand growth in the domestic market, while Maogeping has entered the top five, representing the high-end trend in domestic beauty [2][10] - The financial performance of major companies shows varied results, with Proya reporting revenue of 5.362 billion yuan (up 7.21%), Shiseido at 4.108 billion yuan (up 17.30%), and Juzhibio at 3.113 billion yuan (up 22.50%) [3][4] Group 2 - Juzhibio's profit reached 1.182 billion yuan, a 20.60% increase, while Proya's profit was 799 million yuan (up 13.80%) and Maogeping's profit was 670 million yuan (up 36.10%) [5][6] - The beauty industry is facing challenges with brand positioning and organizational restructuring, particularly for established companies like Huaxi Biological and Beitaini, which have seen significant declines in performance [25][30] - Maogeping has successfully expanded into high-end skincare and fragrance markets, with a focus on diversifying its business to reduce reliance on single products [20][23] Group 3 - The emergence of new active ingredients, such as ergothioneine, is gaining attention in the beauty industry, with companies investing in research and development to innovate [39][42] - Marketing strategies are shifting towards brand strength and celebrity endorsements, with companies like Proya and Marubi actively engaging high-profile brand ambassadors [51][53] - Companies are increasingly focusing on building comprehensive sales channels that integrate online and offline strategies, as well as domestic and international markets, to adapt to changing consumer behaviors [58][60]

Summary of Shangmei Co., Ltd. Conference Call Company Overview - Shangmei Co., Ltd. is actively adjusting its channel structure, leading to rapid growth of the Han Shu brand on the Douyin platform, with a projected profit margin recovery to around 12% in the first half of 2025 and positive growth [2][5][6] - The company anticipates an annual growth rate exceeding 40% for the year [2][6] Key Points and Arguments - **Multi-Brand Strategy**: Shangmei is advancing a multi-brand strategy, launching high-end maternal and infant brand NewPage, expected to double its revenue to 800 million yuan this year, and the whitening product 聚光白, which has performed well since its launch [2][7][10] - **Growth Projections**: By 2026, Han Shu is expected to maintain over 20% growth, with a single brand market share projected to reach 12 to 15 billion yuan [2][8] - **Product Performance**: 聚光白 achieved profitability in its first month, with Douyin channel GMV surpassing 50 million yuan in August, and an annualized revenue forecast of 600 million yuan, with expectations to exceed 1 billion yuan in 2026 [2][9][10] - **Brand Positioning**: The Ji Fang brand, positioned in the hair care sector, has seen sales on Douyin exceed 20 million yuan post-adjustment, indicating strong performance in its niche [2][10] Additional Important Insights - **Management Changes**: Shangmei has shifted from a single management model to independent management by brand leaders, allowing for continuous expansion of its multi-brand matrix [3][11] - **Market Performance**: The Han Shu brand has shown strong alpha performance in the beauty industry, particularly on Douyin, maintaining the top sales position for 23 consecutive months since 2023, with a net profit margin exceeding 10% [4][5] - **Future Outlook**: The company is optimistic about the future of Han Shu and other new brands, planning to expand product categories and optimize product structure to further increase market share [8][11]

Macro Economic Overview - The "14th Five-Year Plan" emphasizes the use of more proactive fiscal policies to support employment and foreign trade, and to improve people's livelihoods [3][4] - Recent policies focus on industrial internet applications and the development of new energy sectors, indicating a shift towards digitalization and innovation [3][4] Fixed Income Market - As of August 2025, the total bond custody amount reached 174.54 trillion yuan, with a net increase of 15,060.06 million yuan, indicating a slight decrease in growth compared to previous months [9][10] - The leverage ratio in the bond market slightly increased to 106.88%, reflecting a cautious optimism in the market [13][14] Pharmaceutical Industry - The pharmaceutical sector is entering a new growth phase driven by innovation and optimization of centralized procurement, with major companies like Heng Rui Pharmaceutical and China Biologic Products showing robust revenue growth [17][18] - The recent adjustments in the national medical insurance directory are expected to benefit innovative drugs, leading to potential rapid growth for companies involved [18][19] Non-Bank Financial Sector - The performance of non-bank financial companies is primarily driven by property and equity investments, with significant contributions from the property insurance sector [21][22] - The net profit growth of listed insurance companies improved in the first half of 2025, largely due to the profitability of property insurance [21][24] Agricultural Sector - The price of white feather chicken increased due to supply disruptions and rising demand, with the average selling price reaching 7.17 yuan/kg in August 2025 [30][31] - The egg market faces pressure from high production capacity, limiting the potential for price increases despite some upward movement in prices [32][33] Machinery Industry - The valuation of global robotics companies is being redefined, with Figure's recent funding round valuing the company at 39 billion USD, indicating a bullish outlook for the robotics sector [37][38] - Key components in robotics are expected to see significant valuation increases, with potential PE ratios reaching 200 times as the industry matures [38][39] Consumer Services Sector - The upcoming National Day holiday is expected to boost travel bookings, with a steady increase in pre-booking trends observed [42][45] - The tea and coffee sector continues to show strong performance, with leading brands expanding their market presence despite some overall industry slowdowns [43][45] Real Estate and Construction - China Overseas Property is experiencing growth in both scale and profitability, with projected net profits increasing from 16.1 billion yuan in 2025 to 19.6 billion yuan by 2027 [47][48] - The company is focusing on high-quality expansion and has seen a significant increase in managed area and new contract signings [49][50] Electronics Industry - The domestic high-power server power supply market is growing, with companies like Oulu Tong positioned as leaders in this space, benefiting from the rise of AI applications [51][52] - The demand for higher power server supplies is expected to increase, with new products in development to meet the needs of advanced AI servers [53]

Overview - The demand for body powder has been increasing due to rising national income levels and health awareness, particularly among female consumers and the elderly [1][8] - In 2022, China's body powder sales reached 482 million yuan, a year-on-year increase of 1.69%, but in 2023, sales declined to 467 million yuan, a decrease of 3.01% [1][8] - The sales decline is expected to slow in 2024, with projected sales of 456 million yuan, a decrease of 2.40% year-on-year [1][8] Industry Chain - The upstream of the body powder industry includes suppliers of raw materials such as talc, corn starch, and packaging materials [4] - The midstream consists of body powder manufacturing companies, while the downstream includes sales channels like supermarkets, specialty stores, and e-commerce platforms [4] Consumer Demographics - The consumer age structure shows that infants (0-3 years) account for 50% of the market, adults (18-55 years) make up about 32%, and the elderly (55 years and above) represent around 10% [5] - Safety of ingredients is the primary concern for over 70% of consumers, with a strong preference for "talc-free" products [5] Regulatory Environment - The body powder industry is facing stricter regulations due to the "Healthy China" initiative, with various policies aimed at improving product safety and quality [6] Market Trends - The body powder market is shifting towards natural ingredients like corn starch and bamboo charcoal, with a growing demand for multifunctional products that offer additional benefits such as moisturizing and soothing [6][10] - The industry is expected to become more segmented, with customized products for different age groups and skin types [10] Competitive Landscape - The market is highly competitive, featuring both international brands like Johnson & Johnson and domestic brands such as Red Elephant and Shanghai Jahwa [9] - Shanghai Shangmei and Shanghai Jahwa are notable players, with significant revenue and product offerings in the body powder segment [9][10]

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]

机构：中金公司 研究员：徐卓楠/黄蔓琪 公司动态 公司近况 我们近期组织上美股份业绩后NDR交流。公司主品牌韩束品类拓展顺利，持续拓宽人群覆盖；年中以 来多个小品牌模式跑通、快速起量，多品牌集团逻辑逐步兑现；长期看，人才及组织架构为构建平台型 化妆品集团提供底层支撑。我们看好公司中长期成长前景。 评论 1、主品牌韩束品类、功效拓展顺利，持续拓宽人群覆盖。韩束凭借多年沉淀的自有供应链及灵活高效 的线上运营能力，于大众价格带以质价比取胜，品牌可及空间广阔，多品类拓展顺利，Q3 进一步起 量：1H25 韩束抖音红白蛮腰系列合计占比下降至60%+，次抛占比提至约15%，男士/彩妆/洗护/身体护 理合计占比提至近10%；8 月次抛抖音月GMV进一步爬坡至超2 亿元，占比25%，洗护/身体护理/男士 合计占比提至超10%。 2、多个小品牌模式跑通、起量趋势亮眼，2H25 起多品牌集团逻辑逐步兑现。①一页：7-8 月线上GMV 延续翻倍增长；②安敏优：上半年品牌调整显效，年中以来显著提速，8 月抖音GMV提升至约2000 万 元；③极方：5 月发力推广以来逐月起量，8 月抖音GMV爬坡至近2000 万元；④聚光白：合作抖音 ...